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Cathy Company is a pharmaceutical company. The grid below is a list of possible effects on the Income Statement and the Balance Sheet. The code is: + = increase: -- = decrease: NE = no effect. Time Atteme 1 Hou Revenue/Gain Net Income Assets Liabilities 24/7 NE Expense/Loss +600 +500 Equity --600 --600 NE +600 II. NE --500 +100 +600 --500 III. NE +100 -- 100 +500 +600 -- 100 B. IV. NE NE NE NE NE NE V. NE NE NE +600 +600 NE Match the effect that the transaction below would have on Cathy Company's Income Statement and Balance Sheet Choose (1). (1). (IW). (IV), or (V) from the grid. For example, if the transaction were "Collected cash on accounts receivable," the correct answer would be (IV) because there is no effect on revenue, expense, net income overall assets, liabilities, or equity, Transaction: The corporate office only had one elevator and it was constantly out-of-order. The company added a second elevator at a cost of $500 and repaired the old elevator at a cost of $100. The total cost of $600 was put on account. Ignore any depreciation. ON 01 OV OM Cathy Company and Jordan Company are identical in operations, including the fact that they bought and sold the same quantities of inventory at the same prices. The only difference is that Cathy Company costs its inventory using the FIFO cost flow assumption and Jordan Company costs its inventory using the LIFO cost flow assumption. The following additional facts are pertinent: . Costs have been rising during recent years All sales and purchases are made with cash All income taxes are immediately paid with cash The number of units purchased is larger than the number of units sold Regarding only the effects of this difference in inventory choice, which company's operating income ratio (operating income sales revenue) is lower? Cannot be determined Jordan Company Cathy Company Both the same Accounts receivable were $120,000 at the beginning of the year and $105,000 at the end of the year. Net income reported on the income statement for the year was $422,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is: O $527,000 $407.000 O $437,000 0 $422.000